A file photo of the United Nations headquarters building
Credit: Reuters Photo
GENEVA: Patent filings slipped last year by nearly 2 per cent in the first fall in 14 years amid economic uncertainty, the UN patent agency said on Thursday, in a move it described as "concerning".
The World Intellectual Property Organization, which oversees a system for countries to share recognition of patents, reported 272,600 filings in 2023 which was a 1.8 per cent decline from the previous year.
The top two countries China (69,610) and the United States (55,678) both reported fewer filings than 2022, falling 0.6 per cent and 5.3 per cent respectively. In the case of China, it was the first drop since 2002.
"I think it is really a broader reflection of what's going on in the innovation economy. And I think to some extent, it is concerning...," WIPO chief economist Carsten Fink told reporters.
"Innovation, technological progress is what generates future economic growth, future jobs, and I think, policymakers need to make sure that there is an innovation ecosystem that is vibrant and...generates the, the seeds of future growth."
Japan and Germany, number 3 and 5 in the rankings, also filed fewer applications in 2023 although South Korea which is ranked fourth had a slight increase.
The Patent Cooperation Treaty which has 157 signatory states allows inventors to seek patent protection simultaneously in a large number of countries. It accounts for around 60% of non-resident patent applications, WIPO said.